Tranglo Pte Ltd announced a brand-new partnership with Kanbawza Bank (KBZ Bank) of Myanmar in an exciting expansion to the Southeast Asian nation.
The collaboration effectively adds Myanmar to Tranglo’s global network that includes countries like China, Indonesia and Singapore, just to name a few. According to a 2020 Myanmar Times report quoting U Kyaw Htwe, Chair of Myanmar’s Immigration and Local Overseas Labour Committee, there were 4 million Myanmar workers in foreign countries, either officially or unofficially. These workers represent a significant market in an increasingly competitive remittance industry.
Tranglo CEO Jacky Lee said: “One of our priorities in times of uncertainty is ensuring the safety of workers and their families back at home. With our technology and KBZ Bank’s presence in the country, long queues at the bank are a thing of the past. Our API will allow beneficiaries to receive money in their KBZ Bank accounts directly, quickly and securely.”
With the KBZ Bank tie-up, Tranglo’s partners are poised to benefit from immediate access to the customer base of Myanmar’s largest privately-owned bank, with over 500 branches across the country.
Stoney Hsia, KBZ Bank Head of Wholesale Banking, said: “Through this significant partnership with Tranglo, we are addressing the needs of Myanmar migrant workers living abroad to send money home quickly and conveniently. This gives them peace of mind as their loved ones have immediate access to their funds. Instead of using traditional or informal means of remitting money, we encourage migrant workers to take up this reliable method of transferring money directly into the beneficiary’s KBZ Bank account. This also presents time and cost savings for the beneficiary who does not need to travel to a bank branch or wait in line.”
Tranglo is a cross-border payment hub with a proven track record in business payment, foreign remittance and mobile payment solutions. Founded in 2008, we have offices in Kuala Lumpur, Singapore, Jakarta, Dubai and London. Our global network spans more than 100 countries, 2,500 mobile operators, 1,300 banks/wallets and 130,000 cash pickup points. To find out more, visit www.tranglo.com, LinkedIn, Facebook or Twitter.
About KBZ Bank
KBZ Bank is Myanmar’s largest privately-owned bank, with over 500 branches. Headquartered in Yangon, Myanmar, KBZ Bank’s vision is to improve the quality of life in Myanmar through banking. It presently accounts for approximately 40% market share of both retail and commercial banking in the country.